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AHL > SEC Filings for AHL > Form 10-Q on 5-Nov-2013All Recent SEC Filings

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Form 10-Q for ASPEN INSURANCE HOLDINGS LTD


5-Nov-2013

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations

The following is a discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2013 and 2012. This discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes contained in this Form 10-Q and the audited consolidated financial statements and related notes for the fiscal year ended December 31, 2012, as well as the discussions of critical accounting policies, contained in our Audited Consolidated Financial Statements in our 2012 Annual Report on Form 10-K filed with the United States Securities and Exchange Commission.
Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q, including information with respect to our plans and strategy for our business and in "Outlook and Trends" below, includes forward-looking statements that involve risks and uncertainties. Please see the section captioned "Cautionary Statement Regarding Forward-Looking Statements" in this report and the "Risk Factors" in Item 1A of our 2012 Annual Report on Form 10-K for more information on factors that could cause actual results to differ materially from the results described in, or implied by, any forward-looking statements contained in this discussion and analysis. Overview
We are a Bermuda holding company and write insurance and reinsurance business through our wholly-owned subsidiaries in Bermuda, the U.K. and the U.S. In the quarter we continued to make progress in our establishment of ACM, which will be used to leverage our existing franchise and underwriting expertise to offer investors access to diversified products.
Some of the key results for the three and nine months ended September 30, 2013 were:

            Gross written premiums of $581.6 million for the third quarter of
             2013, an increase of 4.2% from the third quarter of 2012. Gross
             written premium in reinsurance decreased by 15.4% while insurance
             grew 21.1% as a result of the continued strategic growth of the U.S.
             insurance teams;


            Net favorable development on prior year loss reserves of $33.6
             million for the third quarter of 2013 compared with $29.8 million in
             the third quarter of 2012;


            Combined ratio of 91.8% for the third quarter of 2013 compared with
             a combined ratio of 87.0% for the third quarter of 2012. There were
             $14.2 million, or 2.6 combined ratio points, of catastrophe losses
             pre-tax net of reinsurance recoveries and reinstatement premiums in
             the third quarter of 2013 compared with minimal catastrophe losses
             in the third quarter of 2012. Catastrophe losses included $14.9
             million, net of reinstatement premiums, associated with hailstorms
             in Germany, $5.7 million related to floods in Toronto and Mexico and
             a $6.4 million net reduction in loss estimates for natural
             catastrophe losses which occurred in the first half of 2013;


            Combined ratio of 93.1% for the first nine months of 2013 compared
             with a combined ratio of 89.3% the first nine months of 2012;


            Diluted net income per share of $1.43 for the quarter ended
             September 30, 2013 compared with diluted net income per share of
             $1.45 in the same quarter last year;


            Annualized net income return on average equity of 14.8% for the
             third quarter of 2013 compared with 14.4% for the third quarter of
             2012 and annualized net income return on equity of 10.1% for the
             first nine months of 2013 compared to an annualized net income
             return on average equity of 11.9% for the first nine months of 2012;
             and


            Diluted book value per share (1) of $40.43 as at September 30, 2013,
             up 4.0% from June 30, 2013.

Total shareholders' equity increased by $36.2 million to $3,271.1 million for the three months ended September 30, 2013. The most significant movements were:
the repurchase of 1,498,451 ordinary shares for $54.8 million through open market repurchases;

an $86.0 million increase in retained earnings for the period; and

net unrealized losses on investments, net of taxes, of $3.8 million.

(1) Diluted book value per ordinary share is based on total shareholders' equity less preference shares (liquidation preference less issue expenses), divided by the total number of issued and potentially dilutive ordinary shares at the end of the period.


Table of Contents

Ordinary shareholders' equity as at September 30, 2013 and December 31, 2012 was:

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